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as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt ceiling gets carved into it. one is not linked to the other. >> we can be talking about one not linked to the other. if we go over the cliff, we have to reveal the debt ceiling. at that point and time, the question about the debt ceiling is that much more important. it will have to be raised. as a republican, a proud republican, i am willing to sit here and say we probably need to give some on taxes. there's no question about it. this president also needs to give and show real leadership. if he doesn't, if he wants to punish the wealthy or those in the top 1% and say h
as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt...
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all on the spending side and as many americans have to balance the wrong budget knows, if you have a deficit that means you have to bring in more rate comment and spend less. melissa: all we're ever talking about is raising taxes and nobody is talking about what we need to cut. the first thing you would do is stop spending. let's tighten our belts. regardless though you really think it is too late? i think they can come up with some solution that is held together with chicken wire and bubblegum and scotch tape and this little crummy thing that will keep us from going over the cliff pushing the whole problem off into the future. speak i think you have to treat two separate issues separately. one is avoiding the cliff, and i think the way to do that is to reach a short-term agreement on tax cut extensions. relatively optimistic they can get a long-term budget agreement done next year, but don't think they can do it in two weeks which is what the president thinks it's going to happen. if they separate the two issues and reach an agreement, that will onny be temporary. it is not like they're sig
all on the spending side and as many americans have to balance the wrong budget knows, if you have a deficit that means you have to bring in more rate comment and spend less. melissa: all we're ever talking about is raising taxes and nobody is talking about what we need to cut. the first thing you would do is stop spending. let's tighten our belts. regardless though you really think it is too late? i think they can come up with some solution that is held together with chicken wire and bubblegum...
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if we have a budget deficit at all, it is only fair. and you don't have to be -- again you don't have to be a republican, you can be a common sense republican to understand that this requires that the bush tax cuts not be extended for the richest 2%. it is finally getting through. and i think that, again, as richard said, you can be as clever as you want. you can make all kinds of pretensions. you can abstain, you can do whatever you want to do. this is going through. >> when we talk about abstentions and kibuki theater, that's obviously small ball. but the fact that the president and the vice president are saying we are not going to allow congress to have the power to fight another war over the debt ceiling. >> yeah. >> that to me is a real line in the sand. >> it is. >> republicans are not going to give that up without serious concessions from the democrats. what do you make of it? >> there are going to be spending cuts in this deal, right. this isn't just about tax cuts for the super wealthy. there will be spending cuts. this is wher
if we have a budget deficit at all, it is only fair. and you don't have to be -- again you don't have to be a republican, you can be a common sense republican to understand that this requires that the bush tax cuts not be extended for the richest 2%. it is finally getting through. and i think that, again, as richard said, you can be as clever as you want. you can make all kinds of pretensions. you can abstain, you can do whatever you want to do. this is going through. >> when we talk...
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european union is still is a fact that it was characterized by the starting democracy a democratic deficit which means. i'd like to have a domestic process for the future i don't really think there is going to be a conflict there's going to be an as the conflict but what i really thing is that i find a result the paradoxical final result of this wave or of this period of going to crisis could be the strengthening of the nation state and i think it will be a step backward and not a step for worse ok a lot of people say the solution for europe's problems is more europe ok but a lot of people on the ground are saying enough europe how do you square the circle well you need leadership of course the anxiety tells you i go back to the to the place where i feel comfortable the comfort zone is the nation state so far of course you have to ensure that there is a solution with more europe and not even more trouble i strongly believe in an economic crisis if america lentil and. the names of the leaders are say we need to more coordinate these things people would agree and you make policy by policy yo
european union is still is a fact that it was characterized by the starting democracy a democratic deficit which means. i'd like to have a domestic process for the future i don't really think there is going to be a conflict there's going to be an as the conflict but what i really thing is that i find a result the paradoxical final result of this wave or of this period of going to crisis could be the strengthening of the nation state and i think it will be a step backward and not a step for...
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he has failed he has not met his targets he's not going to deal with the deficit as he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people because we are going to suffer the most i was resolved to do so and there's no end to this all started something i want to talk to about that because we saw that just one percent for the benefit of the welfare bill and that's less than inflation here that's really going to hit a huge number of books forty seven billion pounds so it will be caught from the benefits bill and we're talking about farmers are really on the bread line anyway even losing ten twenty pounds a week i mean it's a very cold outside and it's a very cold prospects for britain's paul the coup. they are going to bear the brunt of the austerity course by britain's why is the whole school doesn't know what he's doing thank you very much for telling us that also say there's a lot of cause for concern has he said and i'm picking through the thing is that one thing cutting through all the way statistics and tha
he has failed he has not met his targets he's not going to deal with the deficit as he said the road growth will grow and also there's going to be a huge car made in benefits pavement to some of the poorest people because we are going to suffer the most i was resolved to do so and there's no end to this all started something i want to talk to about that because we saw that just one percent for the benefit of the welfare bill and that's less than inflation here that's really going to hit a huge...
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. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he...
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it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we >> just to back you up, i really think the great thing is the economy is just starting to lift up. the unemployment rate is really starting to come down. we're getting good job production. thank you so much, ladies, for coming on tonight. thanks for the sharp thinking we got tonight. >>> up next, if you can't win by the rules, change them. that's what republicans are trying to do in pennsylvania. they don't like the
it makes the deficit better. it would go a long way toward curing the deficit, but the deficit isn't the immediate problem for most people, the weak economy is. >> i agree. >> and if we dive off the fiscal cliff, the economy could get much weaker. that's -- >> by the way -- >> -- millions of americans. it's a problem for barack obama. >> just to back you up, i really think the great thing is the economy is just starting to lift up. the unemployment rate is really...
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deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free press, in an editorial, and, again, this is a paper that had endorsed governor snyder two years ago. it says the right to work champions, the determination to emasculate once and for all the democratic parties most reliable source of financial and organizational support. now, senator, let me say this to you. if they can get away with it in michigan, michigan has 671,000 union members, 17.5% of the work force, fifth highest in the nation. if they can get away with it in michigan, they feel they can just steam roll all over the country. >> i think every
deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free...
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we are facing huge deficits and a looming fiscal cliff. i want to come out and say this and help the president get this? >> i use the word patriotism. when i was a kid i grew up in two u.s. internment camps. in the swamps of arkansas. we lived in california. >> you were hauled out there. >> to arkansas and later transferred to another one in northern california. but we were there because we happened to look like the people that bombed pearl harbor. a year into it the government realized there was a wartime manpower shortage. and when the military was opened up. thousands of young japanese americans went to fight for this country. they were put into a segregated unit and fought on the bloody battlefields in europe. and came back the most decorated and exercised something that was very important. they did it for their family certainly, but for the greater good because they loved america. they sacrificed themselves and many many perished on those fields and that is the kind of situation we are faced with now and those republicans can't seem t
we are facing huge deficits and a looming fiscal cliff. i want to come out and say this and help the president get this? >> i use the word patriotism. when i was a kid i grew up in two u.s. internment camps. in the swamps of arkansas. we lived in california. >> you were hauled out there. >> to arkansas and later transferred to another one in northern california. but we were there because we happened to look like the people that bombed pearl harbor. a year into it the...
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we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, a
we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring....
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we need more problem solvers that are willing to come together like the deficit and job crisis that we continue to want to tackle. so i think you do see him saying, hey, i have this idea. we're going to take it by the storm. it didn't work. the president is still standing and moving forward. and i think there's some in his party who are eager to try to get a balanced approach and prevent us from going off this cliff which would be a very serious thing and we're right up against it. >> don't they have, joe, a real civil war going on in the republican party when you have on one hand sarah palin open fending the tea party's role saying on facebook, for all this new talk about how the gop needs a populous movement, it would do them good to remember they already have them. it's called a tea party movement and it won for them the majority they now enjoy in the house. this is palin. but on the other side, the "new york times" says today that boehner has consolidated his grip on republicans in the house. the times says many house republicans appear to view mr. boehner with the same sort of res
we need more problem solvers that are willing to come together like the deficit and job crisis that we continue to want to tackle. so i think you do see him saying, hey, i have this idea. we're going to take it by the storm. it didn't work. the president is still standing and moving forward. and i think there's some in his party who are eager to try to get a balanced approach and prevent us from going off this cliff which would be a very serious thing and we're right up against it. >>...
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not so he can lower the debt or the deficit but so he can spend to his heart's content. as a result some democrats have pushed the president to just raise the nation's debt ceiling on his own. they believe he has that executive power by invoking the 14th amendment of the constitution. but jay jay cancer carney the white house spokesman has studied that. they do not believe the president has that executive power. what that means they have got to go to congress to get the debt ceiling lifted the next couple of mons. that means the showdown is coming, shep. >> shepard: ed henry at the white house lawn. one critical republic who criticized house speaker john boehner over own party fiscal cliff honor says is he resigning. an important man, too. south carolina senator jim demint a key force behind the tea party movement. the founder of the tea party caucus in the senate and who predicted that the healthcare debate would be president obama's water loo. remember that? earlier this week he argued that speaker boehner's proposal tax hikes would destroy jobs. but senator demind say
not so he can lower the debt or the deficit but so he can spend to his heart's content. as a result some democrats have pushed the president to just raise the nation's debt ceiling on his own. they believe he has that executive power by invoking the 14th amendment of the constitution. but jay jay cancer carney the white house spokesman has studied that. they do not believe the president has that executive power. what that means they have got to go to congress to get the debt ceiling lifted the...
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. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only one. there's a lot of people on the left and there's quite a few people on the right. i'm glad you're optimistic and a lot of ceos and guys in your position -- if you run a company, you don't need consumers petrified and business people petrified. this is the last thing we need if you run a company. i understand you have a horse in the game. >> but you also have the double trigger. if you go over the cliff, we've got the debt ceiling fight right afterwards. it's not like that's six months down the line. that's in if first month, six weeks of the new year. >> the other thing, dependi
. >> howard dean is a deficit hawk. liberal, but he is a deficit hawk. he doesn't say maybe if we can't get a deal together, maybe we'd be okay with the fiscal cliff. he says that is the best deal for everyone, the best deal for progressives, just to do it. to go back to the clinton era rates. you get rid of three quarters of the deficit just on tax increases at that point. >> and he says you get defense cuts. >> you can't get defense cuts any other way. and he's not the only...
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it is not -- it shouldn't even be discussed in the deficit because it doesn't add to the deficit. medicare we have in the obama care we put into reform. i mean, the republicans just finished telling us that it was terrible that we cut $716 billion out of medicare, and that was terrible. now they want to add a lot more cuts. i think that the cuts we made in medicare were enough. they should not impact beneficiaries. and we shouldn't do anything that will at this point. those cuts may very well over a long period of time put medicare on a sustainable basis. we shouldn't do anything further to medicare until whether we see that works out. >> but you acknowledge a deal is not likely to get done without some reforms to entitlements. >> i do not acknowledge that and if a deal doesn't get done, it doesn't get done. >> you're prepared to go over the cliff as well? >> absolutely. >> it sounds -- >> it's not a cliff, by the way. and understand this. people keep talking about the republicans deliberately created this emergency. in order to blackmail the country. and the emergency here, the c
it is not -- it shouldn't even be discussed in the deficit because it doesn't add to the deficit. medicare we have in the obama care we put into reform. i mean, the republicans just finished telling us that it was terrible that we cut $716 billion out of medicare, and that was terrible. now they want to add a lot more cuts. i think that the cuts we made in medicare were enough. they should not impact beneficiaries. and we shouldn't do anything that will at this point. those cuts may very well...
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or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti deduction, there are some reasons, fairly good reasons why you would want to think twice. you know, are you going to go after home mortgage deduction at a time when the housing industry is trying to get its feet? are you going to go after the exemption on taxation for health insurance? i mean, that's the biggest one, actually. that's like $250 billion a year. but i don't think anybody wants to dive back into that at this point. so, you know, how else are you going to do it? >> arianna, can i just say that -- and this is -- i guess i've been articu
or is it about lessening the deficit? because it doesn't really do a whole lot for the debt or deficit over ten years. >> well, it's about fairness, but it's also about what are the better options? given that the wealthy are really skating by these days. and so how do you collect more revenue from them? and all the various ideas about, well, you cap this deduction, and cap that deduction. there are not only political constituencies that will fight tooth and claw on every deducti...
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coburn is known for his hard line on the deficit. he says he would rather bring down the debt by raising tax rates than just closing the loopholes and capping deducti s deductions. here's how he explained it. >> personally, i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to broaden the by as in the future and reform the tax code. >> two republican senators from maine are joining coburn in backing a tax hike on the wealthiest americans, but senator susan collins and olympia snowe say they would like to include some protect as well for small business owners. well, no debt talks scheduled between republicans and the white house, but the president is pushing ahead with the fiscal cliff pr campaign. he is meeting with a middle class family in northern virginia, and the white house says the president is going to talk about his efforts to extend tax cuts for the middle class as part of this debt deal. well, some
coburn is known for his hard line on the deficit. he says he would rather bring down the debt by raising tax rates than just closing the loopholes and capping deducti s deductions. here's how he explained it. >> personally, i know we have to raise revenue. i don't really care which way we do it. actually, i would rather see the rates go up than do it the other way because it gives us greater chance to broaden the by as in the future and reform the tax code. >> two republican...
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you can look at -- >> i agree. >> stephanie: tax cuts proveably caused these deficits. the social security does not -- doesn't add a cent to the deficit. >> i ran on this in a conservative district very clearly stated my position that i did not want to. i had to last time when the president asked us to, to extend all of the taxes for one year and that was a darn bitter pill for me to swallow. i was one of the democrats that voted on to get it through. i'm not going to do it again. it doesn't add to the economy and those top 2 don't need to get done. we all do agree on the bottom ones and i just -- i think now they've got themselves in a pretty tight box. i hope you keep beating the drum on this. >> stephanie: i think you're a helper. you're giving them an out. >> always the helpful teacher. [ laughter ] >> stephanie: representative tim walz of the great state of representative, thank you. talk to you soon. >> thank you. >> stephanie: you know what he is? he's someone who gets it done. brought to you by granger. >> oh, my god! >> stephanie: that's right. with over 900,00
you can look at -- >> i agree. >> stephanie: tax cuts proveably caused these deficits. the social security does not -- doesn't add a cent to the deficit. >> i ran on this in a conservative district very clearly stated my position that i did not want to. i had to last time when the president asked us to, to extend all of the taxes for one year and that was a darn bitter pill for me to swallow. i was one of the democrats that voted on to get it through. i'm not going to do it...
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the so-called fiscal cliff for a year but has yet to come up with a plan that actually reduces our deficit. i'm willing to work with anyone to put a plan on the table, but we're not willing to negotiate with someone who hasn't put a plan on the table. the president has not put a serious plan on the table. >> as far as a compromise on the marginal tax rate 35% going up let's say 36% or 37%, is that acceptable? >> no. no. because marginal tax rate increases if there is any increase in revenue, just gives them more to play with on capitol hill and more to spend. when we talk about fairness, when the top 2%, the $250,000 and above are already paying 45% of total income tax, that's a big question of fairness there too. >> who should nicki haley name to replace you? >> i talk today her today. i share the same philosophy, the conservative philosophy. i told her i trust her decision and i'm not going to push her one way or another. >> a lot of speculation, congressman scott? >> he's a wonderful person. our whole delegation is really strong. she's got a tough choice, but i'm convinced she'll give m
the so-called fiscal cliff for a year but has yet to come up with a plan that actually reduces our deficit. i'm willing to work with anyone to put a plan on the table, but we're not willing to negotiate with someone who hasn't put a plan on the table. the president has not put a serious plan on the table. >> as far as a compromise on the marginal tax rate 35% going up let's say 36% or 37%, is that acceptable? >> no. no. because marginal tax rate increases if there is any increase in...
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but if we're serious about reducing our deficit while still investing in things like education and research that are important to growing our economy, and if we're serious about protecting middle class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >>> holiday hiring may have given a big boost to the jobs report released yesterday. retail hirers hired more people than any month on record since 1939. 146,000 jobs were added to the economy last month, and the unemployment rate fell to a four-year low of 7.7% partly because thousands have just simply stopped looking for work. >>> more good news for your wallet. gas prices are down to an average of $3.36. it is the 16th consecutive time the price has dropped. the highest price for a gallon of regular is in high where it's $4.02. >>> he served his party as a republican, and now charlie crist is a proud democrat. he posted a twitter photo showing his registration papers, showing he is proud and honored to join the party in the home of president obama. cr
but if we're serious about reducing our deficit while still investing in things like education and research that are important to growing our economy, and if we're serious about protecting middle class families, then we're also going to have to ask the wealthiest americans to pay higher tax rates. that's one principle i won't compromise on. >>> holiday hiring may have given a big boost to the jobs report released yesterday. retail hirers hired more people than any month on record since...
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should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of the aisle and address real, not baseline, real savings by cutting spending. back to you. >> rick, is that real money you're cutting up down there? >> you know what? even though this is one of the last bastions of capitalism, those were not real benjamin frank lynn. so, see? i'm ready for negotiation. put me on the team. i just did a lot of cuts that mean nothing. boy, how much did i save us over ten year. >>> thank you, rick. more santelli in the third hour. >>> still ahead, of course, live coverage of president obama's remarks on the fiscal cliff and the negotiations before
should you say you're cutting the deficit $800 billion? the real issue is this. if we're going to get serious about negotiating, okay? we can have programs that aren't on the books anymore now, i understand that we're not spending that money, but when you come to the table to rise above for a compromise, don't bring me air and say, see? i'm not spending this, so it's a savings. it's only a saving when you hear the scissors cutting through it, carl. so people need to get real on both sides of...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frighted republicans that the debate is not just a
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we're in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >> hard work does payoff, it does. neil: just a few moments, senator jim demint on why he is taking a sprint. is the tea party's loudest voice in the senate leaving the tea party high and dry? he is hereafter this i'm only in my 60's... i've got a nice long le ahead. big plans. medicare doesn't pay all my medical eenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you' eligible for medare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement iurance plan, insured by
being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we're in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator....
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it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today dismissed that counteroffer as nothing new and urged republicans to "get serious about the fiscal cl
it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans...
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social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income families? >> so the deal that we're talking about is halfway between the current rate and the former rate? >> well, i wouldn't say halfway. but i would say, as long as you can get to the revenues, if you can increase the rates and reduce the deductions for upper income households, you can get to the same dollar number and i think there's a willingness to entertain that. it does tend to complicate the tax code. the simplest way is simply to raise the tax rates up to the clinton levels and, you know, we do have a strong interest in simplifying the tax code
social security didn't contribute to the deficits and debt. i don't think there will be any appetite whatsoever for touching social security. but those points i think democrats are quite unified on. the area where i think there is room for negotiation and compromise is, the rates are going to go up. i think we all recognize that. will the rates go up completely? are there other ways where they can come up somewhat short of that but make up the revenues by reducing deductions from higher income...
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so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power panel, melinda, democratic strategist morris reed. let's start with you hogan. i want to start with this. senator harry reid used an interesting analogy on the floor to describe the current state of the republican party. listen to this first. >> he's got a problem. he has three quarter backs, sanchez, he's got tim tebow, a guy by the name of mcilroy. he can't describe who is going to be the quarterback. that's the same problem that the republicans are having. romney is there but he's in the background. who is the quarterback, mr. president. >> hogan, what do you think? who's the quarterback?
so security trust fund doesn't have anything to do with the debt and deficit. but the idea that we're going to simply kick the can on that and have across the board social security cuts, you know, 15 years from now because we didn't step up responsibly i think does a great disservice to those who expected to have those benefits when they reach retirement age. >> senator mark warner, thank you for your time today. >> thank you, richard. >>> let's bring in our political power...
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guest: again, if we are deficit- financing the benefits, i do not think it is slowing economic growth. i cannot buy into the argument that we have the demand problem and we need to spend more money and have more stimulus to create economic growth. where we have is the failure of businesses to invest because they recognize the high taxes will keep them on the sidelines. they're facing the fact that they will face lower profits in the future and are not as willing to take risks and invest. if it costs more money to hire someone, we have the new taxes, insurance mandate under obama- care, and things like that that will make it more expensive for people to hire people. host: we have the cato institute and the economic policy institute with us this morning, and the one area where people seem to disagree is measuring the benefits of what $1 put into unemployment insurance means on the backside. mr. josh bivens, what is your estimate on what $1 buys in this program? guest: a lot of economic forecasters agree this is the most efficient form of economic support you can provide through fiscal p
guest: again, if we are deficit- financing the benefits, i do not think it is slowing economic growth. i cannot buy into the argument that we have the demand problem and we need to spend more money and have more stimulus to create economic growth. where we have is the failure of businesses to invest because they recognize the high taxes will keep them on the sidelines. they're facing the fact that they will face lower profits in the future and are not as willing to take risks and invest. if it...
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deficit. but the proposal is quickly dismissed by democrats and the white house. finance ministers try to come to an agreement on the european banking union. and australia's central bank cuts interest rates to match the lowest level since the financial crisis to get ahead of sluggish commodities demand. >>> today dow caught up about 9 points. down nearly half a percent during the session. nasdaq calmed up nearly four points. s&p also currently called up half a point or so. global 300 during the course 69 session so far today is up two points. pretty flat session for europe yesterday. just about in positive territory. means the ftse has been up nine out of the last 11 sessions. this morning just up 0.2%. cac 40 up three quarters of a perks ibex up half of 1%. italian yields still going lower. spanish yields still pretty lower. spain requesting aid for its banking sector. and in germ any, yields just a little bit higher. as far as the dollar index is concerned, down at a one month low. euro-dollar up near the high october 22nd. a little bit more than that. dollar-ye
deficit. but the proposal is quickly dismissed by democrats and the white house. finance ministers try to come to an agreement on the european banking union. and australia's central bank cuts interest rates to match the lowest level since the financial crisis to get ahead of sluggish commodities demand. >>> today dow caught up about 9 points. down nearly half a percent during the session. nasdaq calmed up nearly four points. s&p also currently called up half a point or so. global...
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the american indian tribe and they honored the president by giving him his own indian name running deficit. [ laughter ] >> the nation's debt is no laughing matter. lou dobbs will tell you why we are all in grave danger because of out-of-control government spending. three wise men, what did they do? >> jesse watters quizes the folks about christmas. >> they brought frankincense, miles an mur and. >> baby diapers? >> a wild wild waters world upcoming. >> caution, you are about to enter the no spin zone from california. factor begins right now. hi i'm bill o'reilly reporting from los angeles, thanks for watching us tonight. i'm here to do the leno program this evening. during the long flight across country, i had a chance to analyze something very important to you. all of us needs to wise up and fast. you may have heard the story of new york city police officer who spent $100 ofmoney t man some boots. that man jeffrey hillman lying in the street when officer deprimo spotted him. >> it was extremely cold that night and you see this gentleman i tried to offer him to buy a pair of socks he said
the american indian tribe and they honored the president by giving him his own indian name running deficit. [ laughter ] >> the nation's debt is no laughing matter. lou dobbs will tell you why we are all in grave danger because of out-of-control government spending. three wise men, what did they do? >> jesse watters quizes the folks about christmas. >> they brought frankincense, miles an mur and. >> baby diapers? >> a wild wild waters world upcoming. >>...
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and any tax increases should go direct to deficit reduction. take away the hey, everything goes into the general fund because it certainly seems like when you're fibbing about 35% and 75% truths that really all they're after isn't fixing the economy, it's your bucks. back to you. >> all right. rick, breaking it down like no one else can. rick santelli with the santelli exchange. tweet time now. mcdone old's november sales getting a cheddar bacon boost. sales figures in the u.s. rising 2.5% as customers chomped down on the limited time cheddar bacon onion sandwiches. so what is the next menu innovation that could propel mcd? tweet us @squawk street. we've got some of your answers right after this. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holid
and any tax increases should go direct to deficit reduction. take away the hey, everything goes into the general fund because it certainly seems like when you're fibbing about 35% and 75% truths that really all they're after isn't fixing the economy, it's your bucks. back to you. >> all right. rick, breaking it down like no one else can. rick santelli with the santelli exchange. tweet time now. mcdone old's november sales getting a cheddar bacon boost. sales figures in the u.s. rising...
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real deadline is closer. >> there's no prospects for a deal. >> if you're going to be serious about deficit reduction it has to be about spending cuts not just raising taxes. ♪ >> bridge day is not safe. >> what would a nomination mean? >> burst into tears. >> liven things up. >> that's awesome. >> thank you richard lewis. let me introduce you to the new -- >> pleasure to be on your show. ♪ >> we thought she was just a singer and songwriter. >> what would you do to change one direction today? ♪ >> cbs porn "this morning." >> how much does your bra that you wear? >> what have you done that's most fun. >> tough one. >> jewish boy needs a big black guy. >> the world is always better with big black guys. >> possible reasons range from environmental toxins to tight under wear. >> moving on. >> threw are, charlie. >> threw are, my dear. where did that dress come from? >> all that and all that matters. >> just got apple tv. when charlie rose says you just got a piece of technology you know that's bad. >> it's the "a" word. >> all that matters. >> glad your sight returned. >> i'm gas i can se
real deadline is closer. >> there's no prospects for a deal. >> if you're going to be serious about deficit reduction it has to be about spending cuts not just raising taxes. ♪ >> bridge day is not safe. >> what would a nomination mean? >> burst into tears. >> liven things up. >> that's awesome. >> thank you richard lewis. let me introduce you to the new -- >> pleasure to be on your show. ♪ >> we thought she was just a singer and...
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marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her as well. we know the challenges that we confront here in congress on a whole range of issues which are sometimes broadly described under the umbrella of the terminology, fiscal cliff -- when we confront those difficult challenges, we have to ask ourselves a couple of basic questions. one of the basic questions we must ask is, what will be the result and will be the impact as it relates to middle income families? what will happen to them in the midst of all these tough issues we have to work out? we know there is broad agreement that going over the so-called fiscal c
marchese said tax increases are necessary to reduce the deficit. senator bob casey of pennsylvania chaired the hearing. >> the committee will come to order. we want to thank everyone for being here today. i did not have a chance to personally greet our witnesses, but i will have time to do that later. i want to thank both of our witnesses for being here. i will have an opening statement that i will make, and then i will turn it to dr. burgess. i know that vice chairman brady will be her...
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it will increase the deficit. that's newt gingrich in 1993 on the clinton tax increase and those of us working on the other side of the tax increase have been waiting for your apology for 20 years for being completely wrong about that. ♪ let's hear it for the boy ♪ >> let's give the boy a hand ♪ >> how did newt react? >> stephanie: he was untenable to his own [ bleep ] >> i don't agree with you on that. >> 20 years ago, you said it. >> stephanie: the economy soared. no one lost a job. gingrich baloney. there's no way to penetrate his -- like denial. he said there was no recession. there was no recession. then he just -- that's a bunch of -- if you look at all of the indicators -- okay. >> stephanie: lawrence o'donnell was right. brian in dales you're on "the stephanie miller show." hi brian. >> caller: hey seductive stephanie. been waiting an hour to talk to you. >> stephanie: hey. go ahead. >> caller: i was giving a call in the interest of journalistic integrity, i heard something about mark 25 and obviousl
it will increase the deficit. that's newt gingrich in 1993 on the clinton tax increase and those of us working on the other side of the tax increase have been waiting for your apology for 20 years for being completely wrong about that. ♪ let's hear it for the boy ♪ >> let's give the boy a hand ♪ >> how did newt react? >> stephanie: he was untenable to his own [ bleep ] >> i don't agree with you on that. >> 20 years ago, you said it. >> stephanie: the...
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there were deficits, unemployment, just like it was today, horrible. but he made a statement that changed everything. it was this. i'm going to keep my promises and if i don't keep my promises, get me the hell out of there. we want to see more politician do this. make all these promises and don't follow through. if they did that, i have a thing called accountabilitycampaign.com where you say what your promises are. and add a small paragraph, i will do it my first year, start it my first year and tell you why i couldn't or resign. >> so you can with the accountability campaign you want to encourage transparency. >> full transparency and accountability. if my ceos or i myself didn't do what i promised or delivered i shouldn't have my job. get me out of there. la guardia did that. he reacted and had results within six months his results started. fabulous and by gosh the guy did what he said. >> what message do you think the president is not getting from the business community? >> you are not keeping your promises. that's why we are so upset. when he start
there were deficits, unemployment, just like it was today, horrible. but he made a statement that changed everything. it was this. i'm going to keep my promises and if i don't keep my promises, get me the hell out of there. we want to see more politician do this. make all these promises and don't follow through. if they did that, i have a thing called accountabilitycampaign.com where you say what your promises are. and add a small paragraph, i will do it my first year, start it my first year...
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job
we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't...
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and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced let me give you more evidence. look at this chart that i'm going to show you. this is economic growth. in 1991, george h.w. bush does a tax increase. obviously it's going to go down. let's see what happens. >> whoa. >> wait a minute, economic activity and the economy boomed. clinton in 1993 did another tax increase. then it must have crashed right? let's see what happens. whoa, it went up again. interesting, right? then of course, we have a bubble in terms of the tech crash you remember in 2000. it went down a little bit, but then we had a tax cut in 2001 under george w. bush. after the
and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced let me...
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the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after the election, because they're not talking about enough spending and entitlement cuts, what you hear is defending tax cuts for the rich. in other words, the gop is becoming the party of rich people and that's not where they ought to be. >> the problem is marketing. and republicans have had a big problem with marketing since the ronald reagan days. they need to get on the ground and talk about how these tax cuts affecting the rich will affect the middle class. democrats have been getting away with saying that the rich are the ones who need to
the problem is the deficit. i know i've gotten a lot of hate mail from both the right and the left -- >> no, you're being honest. >> the fact of the matter is, we have to balance the budget. we've been in an economic recovery for three years. we're not where we ought to be. the longer you put this big deficit on, the harder it's going to be later on. >> katie, i'm sorry but lost you for a minute. i'm worried, katie, because the gop is in an unenviable political position after...
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you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like. because not only does it go to 39.6 on the wealthy which i support, but it also goes back to what people were paying when bill clinton was president for the middle-class and the truth of the matter is no matter what people said in the election, you cannot solve this deficit problem without everybody paying more taxes not just rich people. >> you can go to 100% and not 39.6. you'd like to in a perfect world, i know you, you would like to go to 100%. but you're not going to be able to do that. >> only on television personality. >> you go from raising, like, $80 billion a year which on a trillion dolla
you're not going to -- >> i'm also a deficit hawk, joe. >> you are a deficit hawk. and, howard, i know obama won the election, but in this country you need the house to vote on something to make it law, and if they just say no the 39.6 on the high end, if you just let -- go over the cliff, it's going to 39.6. there would be in discussing it. it's going there. >> let's be fair about this. i mean, what i'm proposing is not -- neither the republicans nor the democrats like....
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david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more than that beyond the ten years because we have 10,000 people a day retiring. health care costs are still out of control and we have to look long-term. that's why we say debt to gdp. >> somebody just sent in a really good question. that is with the president's health care plans, with obama care, does that change the debt to gdp in terms of taxes going up? >> it makes it worse. >> it's already going up. >> the affordable care act expanded cover an to 36 million people. it did not do enough to control costs. there are positive aspects of it, but according to the chief actuary of medicare, it's estimated to cost $12 trillion mo
david, how much of the deficit, if we let the bush tax cuts sunset, how much of the deficit goes away? >> well, a significant percentage. >> like three quarters of it. >> it's not a good thing to do. it's going to push us back. >> when is it a good time? >> we need a down payment of both revenue and spending reductions, but we need to achieve four to five trillion over ten years through a grand bargain and we have to make sure that we're going to achieve a lot more...
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as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the most vulnerable in our country. and, madam president, i don't believe either one of us wants to put those two vital things at risk venal whe. when the budget is so out of rick, we have to take a look at the money coming in and going out of the only way to get back on track is to address both sides of the equation -- revenue and spending. we have to find a balanced solution that combines tough spending cuts with reforms to our tax code that bring in more revenue while also ensuring fairness to taxpayers. there is, madam president, real momentum, i believe
as it stand today, ow deficit and debt are unsustainable. last year we ran a budget deficit of well over $1 trillion and we now have a national debt that exceeds $16 trillion. if we don't get these numbers under control, interesting payments will inevitably skyrocket, taking up a larger and larger percentage of our budget, until they crowd out other critical pro-growth investments in our country's competitiveness and the essential social safety net that puts a circle of protection around the...
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being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >> hard work does payoff, it does. neil: just a few moments, senator jim demint on why he is taking a sprint. is the tea party's loudest voice in the senate leaving the tea party high and dry? he is hereafter with the spark miles card from capital one, thor gets great rewards for his small business! your boa! [ rth ] thor's small business earns double miles on every pchase, every day! ahh, the new fabrics. put it on my spark card. ow. [ garth ] why settle for less? the spiked heels are working. wait! [ garth ] great businesses deserve great rewards. [ le announcer ] the spark business card from capital one. choose
being critical of our candidates but they talked about how dire the circumstances are with our economy deficits but they put forward a plan that did not change entitlement for 10 years, if we' in a dire point, how can you say that -- they -- we did not make -- we made the case there is a problem. but they look add solution, they said it can't be too big of a problem if you are waiting 10 years to solve it. neil: rick santorum, always a prez eapleasure senator. hardest working senator. >>...
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the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this world where we may spend, and we may even have a pop from government spending. it's never sustained. and all it creates is this huge discussion which underminds business confidence of how we're going to pay for the debt. we have exposed, i think, the achilles heel of keynesian economics. >> i broadly agree with you. in 2008, 2009, i think the fiscal stimulus made a lot of sense. but i think that we're at a point now where the economy is strong enough that we need to get started on the fiscal adjustment. we've got to make sure it's not too many. i'd say something on the order
the deficit's declined in the last three years and tax revenues are rising. spending has been flat for the last two and a half years so the pressure is moving in the right direction. the worry for me is if you raise taxes and cut spending now you're going to knock back growth and prevent that acceleration in revenue. you've got gdp growth up to 3 or 3.5, the revenue implications are enormous. because revenue tends to spike -- >> and nobody believes it. that's the problem. we're into this...
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now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help the fund. but it is loans that were done during the really bad years in this country before the housing crisis that are continuing to have the shadow effect on the fha portfolio and that what's driving this loss expectation just recently released and secretary donovan talked about today. melissa: there is evidence they continue to make bad bets going forward. this is part of this program to help people buy houses and help people who have low fico scores and who have had problems in their past. maybe their way of doing business, and you're someone who sat at the helm for a long time, maybe their wa
now they're moving to a deficit of 16.3 billion is the projection. that sound pretty bleak to me. what happened? >> well, you know we're talking about a portfolio of well over a trillion dollars. and $16 billion is a huge number but it is really driven by the fact that house prices are not recovering as quickly as previously thought. and one thing that is very interesting in this acutarial is actually the loans originated in 2010, 11 and 12 are expected to be profitable and actually help...
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Dec 8, 2012
12/12
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and under this president he's run up $7 trillion in deficits. he's averaged a deficit of 9% of gdp. george bush was 2% to 3% of gdp. so, you know, i think the discussion is is it really a tax problem or a tax and a spending problem? if we agree it is spending, let's start to talk about some of the spending. >> where will the compromise come, though? is there room to compromise on the tax percentage, or if you do the sliding scale and move it from the 250,000 benchmark to 500,000 income earnings benchmark. >> i think the discussion the speaker advanced which matches what the president talked about in terms of his campaign of $800 billion in new revenues, getting there through less deductions is on the table. at this point we want to see, mr. president you show us yours and we'll show us ours. these negotiations go step by step closer and closer. i do agree with an early panelist that said the president probably wants to be a little bit freer from his base and so does the speaker to some degree. we are very interested in the spending cuts, and i can tell you that if the president give
and under this president he's run up $7 trillion in deficits. he's averaged a deficit of 9% of gdp. george bush was 2% to 3% of gdp. so, you know, i think the discussion is is it really a tax problem or a tax and a spending problem? if we agree it is spending, let's start to talk about some of the spending. >> where will the compromise come, though? is there room to compromise on the tax percentage, or if you do the sliding scale and move it from the 250,000 benchmark to 500,000 income...